The panel isn't what will fail, it will be the power supply or components around it due to heat. Cheap electronics manufacturers use cheap capacitors, which dry out after a couple of years and then go bang (seen it happen). Also their quality control isn't that great so they sometimes put in capacitors backwards (seen that happen on some daewoo TV's back in the day). They work for a while but then go screwy.
Last year I bought a cheap set top box that was like that -- it wouldn't even do 4:3 aspect ratio. So I took it back and got a different brand, that one lasted six months before the power supply started to provide just a bit too much voltage on the 6.3V rail, which caused the processor to overheat and shut itself down. I could force that rail down to 6.3V with a zener but then the zener would go bang and I'd be back where I started.
But that's chickenfeed compared to what really gives me the screaming heeby jeebies with cheap electronics -- the menu system. On a cheapy these are slapped together with almost no usability testing, little attention to detail, there are probably more buttons on the remote than your computer keyboard, and it really p's me off.
I like a system that has had some thought put into it, every button on the remote is put there for a purpose, as if the designer kept taking buttons off until you're left with what's really important. Which means that you can operate it in low light, or slightly sozzled after a couple too many

Also getting the same brand of TV as your blu-ray player and sound system really makes life nice. My sony stuff talks to each other through the HDMI leads so when you put a DVD in, the TV automatically switches to playing it. That's really cool